Any suggestions on why it is not showing the full name "Blue Yeti" or why it is not showing the correct port? Here is a screen shot of the sound window, and the terminal showing the output: http://i.imgur.com/ykd3CwT.png

Re: USB 2 being treated as USB 1?

USB Microphones as well as all the other generic USB audio devices usually don't require USB2.0.
What makes you think it was treated differently, as USB2.0 device, before? It could be the case that now it's more precise in the description where before it used a generic name.

And I'm having issues when trying to get applications to communicate with my Blue Yeti. For example, if I go into Kazam or audacity the Microphone is not listed. Like I said before, normally it just gets listed as Blue Yeti Microphone.

Re: USB 2 being treated as USB 1?

According to bluemic.com the requirements are:USB 1.1/2.0; 64 MB RAM (minimum)
therefore the device is a USB1.1 device, as expected. This is unrelated and has no bearing with the new problem. Apparently there was a regression at some point in the kernel update - mentioned here: https://bbs.archlinux.org/viewtopic.php?id=158715 - and that's why it isn't no longer supported out-of-the-box, nothing to do with now being mentioned as USB1.1. Hence, the thread's subject is quite misleading.